Every true artist encounters the moment when it is time to let go of artwork. Selling the art is the best way to let go of it. Unfortunately, some of it is just plain bad and will never see the light of day. Other works, you may have a connection that is hard to break.
As you grow through your student phase into a more professional artist, you will amass a body of art that far exceeds your storage space. Being able to let go of those images and ideas is part of the baggage of being an artist. It is near impossible to think about a new idea in its entirety if you are focused on ideas from your past. Imagine what a furniture maker has to do when they are not selling couches, yet the warehouse is full? Give them away much cheaper than hoped! Find creative ways to sell off your inventory or share your work so that the dump isn't the only collector of your work.
Granted, not many artists are truly prolific. Especially student artists who only create what their teachers assign. You will always be able to carry around your school portfolio if you keep creation to a minimum. Here is why you don't want that - Didn't you go to school to see what potentials you could unlock for the day you leave school? Don't you want to create work that speaks to the moment? This time period? Or is your work from college/high school still strong enough to stand for all your new ideals as a mature adult? The answers to these questions will determine if it time for an art purge.
The real kicker is once you realize that 364 days of the year, you don't look through that stack of drawings and sketches that you won't throw away. Just knowing they are in the back corner of your closet under your shoe collection is somewhat comforting. The great thing about technology today is that you can photograph or scan these artworks and you will have a digital file you can rummage through to see the older work. Maybe this can help you alleviate at least a fraction of your extensive pile of art.